Core Viewpoint - The spot price of lithium carbonate has decreased compared to the previous trading day, with battery-grade lithium carbonate reported at 63,950 yuan per ton, reflecting a decline of 1,400 yuan per ton [1] Price Summary - Battery-grade lithium carbonate is priced at 63,950 yuan per ton, down 1,400 yuan per ton - Industrial-grade lithium carbonate (comprehensive) is reported at 62,700 yuan per ton, also down 1,400 yuan per ton - The average price of long-term contracts for battery-grade lithium carbonate is 65,500 yuan per ton, down 550 yuan per ton - The lithium hydroxide index is at 60,500 yuan per ton, down 500 yuan per ton [1] Lithium Ore and Other Indices - Lithium spodumene (Africa SC 5%) is priced at 405 USD per ton, down 10 USD per ton - Lithium spodumene (China CIF 6%) is reported at 740 USD per ton, down 10 USD per ton - The lithium spodumene index (5% ≤ Li2O < 6%) is at 5,485 yuan per ton, down 35 yuan per ton - The lithium mica index (2% ≤ Li2O < 4%) is at 1,936 yuan per ton, down 37 yuan per ton - Phosphate lithium aluminum stone (7% ≤ Li2O < 8%) is priced at 7,640 yuan per ton, down 50 yuan per ton - The rich lithium aluminum electrolyte index is at 1,836 yuan per ton, down 25 yuan per ton - The discount coefficient for rich brine (lithium sulfate) remains unchanged at 71.5% [1]

Group 1 - The core viewpoint of the articles indicates a significant decline in lithium carbonate futures prices, with the main contract falling below 65,000 yuan per ton, reaching a historical low, driven by a combination of factors including weak demand and oversupply in the market [1][2] - The spot prices for lithium carbonate have dropped across the board, with battery-grade lithium carbonate reported at 65,350 yuan per ton, down 600 yuan in a single day, and industrial-grade lithium carbonate at 64,100 yuan per ton, reflecting a broader downward trend in the industry [1] - The cost side is collapsing, as major domestic and international mines have not seen further production cuts, and first-quarter financial reports indicate a decline in costs, allowing for further price reductions in lithium salts [1][2] Group 2 - The supply-demand imbalance is deepening, with expectations of a month-on-month increase in domestic lithium carbonate production in May, while high inventory levels are suppressing price rebound potential [2] - The industry is undergoing a significant reshuffle, with prices below 70,000 yuan impacting the cost lines of many companies, leading to a focus on cash flow management and resource control as key survival strategies [2] - The technical outlook remains bearish, with price movements following a downward channel, and multiple institutions agree that under the pressures of collapsing costs, increased supply, and weak demand, lithium carbonate prices are likely to remain under pressure [2]

Core Viewpoint - The lithium carbonate market is experiencing a supply surplus, with production levels remaining high despite some companies reducing output. This trend is expected to continue, leading to further price declines in the near future [1]. Market Dynamics - The main contract for lithium carbonate opened at 65,980 CNY/ton and closed at 65,260 CNY/ton, marking a decrease of 1.45% from the previous settlement price [1]. - Trading volume was 103,979 lots, with open interest increasing by 11,562 lots to 256,291 lots. Total open interest across all contracts decreased by 3,011 lots to 407,535 lots [1]. - The total trading volume decreased by 17,431 lots compared to the previous day, with a speculative ratio of 0.34 [1]. Price Trends - The current spot price for battery-grade lithium carbonate is between 65,700 - 68,500 CNY/ton, down by 850 CNY/ton from the previous period. Industrial-grade lithium carbonate is priced between 64,900 - 65,900 CNY/ton, down by 800 CNY/ton [1]. - There is a downward trend in ore prices, which is unlikely to support lithium carbonate prices [1]. Supply and Demand - Despite some lithium salt companies undergoing maintenance or production cuts, weekly production continues to decline slightly, but not enough to alter the oversupply situation [1]. - In May, both supply and demand are expected to increase, but supply is still anticipated to outpace demand, leading to a continued surplus in the lithium carbonate market [1]. - The downstream production is steadily increasing, but the purchasing demand has not shown significant improvement, resulting in a lackluster spot market [1]. Strategy and Outlook - The current strategy suggests selling high for hedging purposes, with no operations planned for cross-period, cross-product, or options trading [1]. - The market sentiment and fundamentals remain weak, indicating potential further declines in lithium prices [1].

Price Trends - The spot price of lithium carbonate has decreased compared to the previous trading day, with battery-grade lithium carbonate reported at 65,350 CNY/ton, down by 600 CNY/ton [1] - Industrial-grade lithium carbonate (comprehensive) is reported at 64,100 CNY/ton, down by 650 CNY/ton [1] - The average price of battery-grade lithium carbonate in long-term contracts is 66,050 CNY/ton, down by 400 CNY/ton [1] Index and Other Prices - The lithium hydroxide index remains stable at 66,000 CNY/ton [1] - The price of lithium spodumene (Africa SC 5%) is reported at 415 USD/ton, down by 15 USD/ton [1] - The price of lithium spodumene (China CIF 6%) is reported at 750 USD/ton, down by 13 USD/ton [1] Additional Indices - The lithium spodumene index (5% ≤ Li2O < 6%) is reported at 5,520 CNY/ton, down by 30 CNY/ton [1] - The lithium mica index (2% ≤ Li2O < 4%) is reported at 1,973 CNY/ton, down by 29 CNY/ton [1] - The price of phosphor-lithium aluminum stone (7% ≤ Li2O < 8%) is reported at 7,690 CNY/ton, down by 40 CNY/ton [1] - The lithium-rich aluminum electrolyte index is reported at 1,861 CNY/ton, down by 31 CNY/ton [1] - The discount coefficient for lithium brine (sulfuric acid lithium) remains unchanged at 71.5% [1]

4月26日，作为锂电产业的核心原材料，碳酸锂期货主力合约继周初跌破7万元大关后，进一步跌至 6.784万元(吨价，下同)。数据显示，今年以来碳酸锂期货跌幅达到14%。 上海钢联新能源事业部锂业分析师郑晓强表示，目前整体锂矿供应持续放量，且海内外盐湖提锂产能也 在同步扩张，预计碳酸锂价格后续还会震荡走低。 价格再创新低 2020年，全球新能源浪潮席卷而来，碳酸锂价格从4万元疯狂涨至60万元。2023年7月21日，碳酸锂期货 在广期所上市，当时上市开盘价高达21.8万元。然而，仅过两年时间，碳酸锂期货价格就从20万元跌至 目前不足7万元，跌幅高达68%。 忧虑，进一步抑制了需求。据Mysteel不完全统计，截至4月中旬，港口和国内锂矿石库存为6.85万吨， 环比上涨0.15万吨。 4月以来，美国政府的对等关税政策冲击锂电市场。对于我国锂电产业而言，今年的多轮关税新政，加 上美国已生效的对中国电池产品征收3.4%的基础关税，以及301条款25%的关税，使中国动力电池与储 能电池短期内对美出口综合税率从132.4%/114.9%飙升至153.4%/135.9%。 美国是中国锂电池出口的最大市场，受关税政策及贸易打压影 ...

碳酸锂周报 【产业服务总部|有色中心】 资深研究员：李 旎 执业编号：F3085657 投资咨询号: Z0017083 2025/5/6 01 周度观点 ⚫ 供需状况： 供应端：据百川盈孚统计，4月产量环比减少9%至71652吨。3月碳酸锂产量环比增加24%至78730吨，锂盐厂复产放量较多。近期 皮尔巴拉矿业将2025财年的锂精矿生产指导产量下调至70万-74万吨，Bald Hill选矿厂计划于2024年12月初暂时停止运营。海外进 口方面，2025年3月中国锂矿石进口数量为53.45万吨，环比减少6%。其中从澳大利亚进口30.8万吨，环比增加33%，自津巴布韦进 口5.8万吨，环比减少40%，自尼日利亚进口8.5万吨，环比增加83%。3月碳酸锂进口量为1.81万吨，同比减少5%，自智利进口碳酸 锂12718吨，占比70%。 成本：进口锂辉石精矿CIF价周度环比小幅上涨，部分外购锂矿生产碳酸锂厂家出现成本倒挂。自有矿石及盐湖企业利润有一定支撑， 氢氧化锂厂商成本压力较大。 淡季需求偏弱，价格偏弱震荡 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 需求端：5月整体排产预计环比持平。3月， ...

| 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2507合约（收盘价） | 65,960 | -300 | -3,020 | -4,420 | -8,360 | -14,820 | | | | 2507合约（成交量） | 114,538 | -13,523 | -101,628 | 57,813 | 94,118 | 108,347 | | | | 2507合约（持仓量） | 244,729 | -4,318 | 38,341 | 110,757 | 177,995 | 224,551 | | | 盘面 | 2509合约（收盘价） | 67,220 | -440 | -2,880 | -4 ...

上海钢联发布数据显示，今日电池级碳酸锂（早盘）价格较上日下跌850元，均价报66850元/吨。 ...

Core Viewpoint - The lithium carbonate market is experiencing significant price declines due to weak downstream demand and various external factors, including changing tariff policies and increased supply, leading to a bearish sentiment in the industry [2][3][10]. Price Trends - Lithium carbonate futures and spot prices have entered a downward trend, with futures prices dropping to a historical low of 66,000 yuan/ton by April 30, 2023, marking a cumulative decline of 15% since the beginning of the year [2][3]. - The spot price for battery-grade lithium carbonate has decreased from 75,100 yuan/ton at the beginning of the year to 68,300 yuan/ton, reflecting a drop of 9% [5]. Demand Factors - Downstream demand remains weak, with battery manufacturers reducing orders for cathode materials, indicating that actual demand has not met expectations [3][9]. - The U.S. tariff policies have directly impacted the export market for Chinese lithium batteries, leading to a significant contraction in demand [3][9]. Supply Dynamics - The supply side has seen increased production, particularly from major mines in Jiangxi, which have resumed operations post-Chinese New Year, contributing to a rise in lithium carbonate output [4][7]. - Despite some lithium salt manufacturers implementing production cuts, the overall supply continues to grow, leading to a further decline in prices [4][10]. Inventory and Production Rates - The lithium carbonate production rate reached a historical high of 7.9 million tons per month, with the operating rate at 48.77%, reflecting a slight decrease from the previous week [8][10]. - Inventory levels are increasing, with total inventory nearing historical highs, indicating a potential oversupply situation [8][10]. Market Sentiment - The market sentiment is predominantly bearish, with participants concerned about the ongoing price declines and the impact of tariffs on future demand [3][9]. - Analysts suggest that the current low prices may limit further declines, but the overall market remains cautious due to high inventory levels and weak demand [11].

富宝资讯：碳酸锂现货价格较上一交易日环比下跌，富宝电池级碳酸锂报66800元/吨 金十期货4月30日讯，富宝锂电网发布数据显示，电碳现货基差指数为360元/吨（+10元/吨）；电池级 碳酸锂报66800元/吨（-200元/吨）；工业级碳酸锂（综合）报65600元/吨（-200元/吨）；电池级碳酸锂 长协均价70300元/吨（-200元/吨）；氢氧化锂指数报66500元/吨（持平）；锂辉石（非洲 SC 5%）报 435美元/吨（-10美元/吨）；锂辉石（中国 CIF 6%）报765美元/吨（-5美元/吨）；锂辉石指数（5%≤ Li2O <6%）报5582元/吨（持平）；锂云母指数（2%≤ Li2O <4%）报2019元/吨（持平）；磷锂铝石 （7%≤ Li2O <8%）报7750元/吨（持平）；富锂铝电解质指数报1909元/吨（持平）；富宝卤水（硫酸 锂）折扣系数报72%（+0.5）。 ...